In general, the ITR-3 Form refers to those Individuals and Hindu Undivided Families with income from professional or proprietary business operations. If an individual / HUF has income as a partner of a business / professional partner, he cannot file ITR-3. In this case, ITR 2 must be filed.
The form ITR-3 can be submitted using three procedures:
All taxpayers who are expected to receive a tax audit submitting ITR-3 form must submit the ITR-3 form using a digital signature. As part of the third procedure, Assessee filing ITR-2 form must finish the ITR-V acknowledgment. The assessee should print two copies of Form ITR-V after preparing ITR-V. One copy of ITR-V, duly signed by the assessee, should be sent by regular mail to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka).
Income tax return filing for a taxpayer with less than Rs.25 lakhs taxable income.
Filing income tax return for a taxpayer with less than Rs.50 lakhs taxable income.
Income tax return filing Rs.20 lakhs to Rs.100 lakhs for a taxpayer with a taxable income.